Oil Ends Higher, Extends Year-end Rally

By MarketWatch Markets MarketWatch Pulse

Oil futures ended solidly higher Tuesday, extending a year-end rally on expectations an agreement by major oil producers to curb production will help balance a long oversupplied market in 2017. West Texas Intermediate crude for February delivery on the New York Mercantile Exchange rose 88 cents, or 1.7%, to close at $53.90 a barrel. Based on the most active contract, the U.S. crude benchmark is up nearly 9% in December and is on track for a rise of more than 45% since the end of 2015.

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